Chidambaram hails Budget

Higher Plan outlay in the Budget will provide stimulus to the economy and accelerate the growth process, Home Minister P Chidambaram said on Monday. "The Budget for 2009-10 has been prepared with great skill and wisdom with the objective of stimulating the economy and returning to the high growth path," Chidambaram, who is also a former finance minister said in a statement on the Budget.

Chidambaram, who presented five subsequent budgets in the first UPA government as Finance Minister, said the total size of the three stimulus packages provided in 2008-09 was estimated at Rs 1,86,000 crore.

The biggest stimulus in the Budget 2009-10, presented by Finance Minister Pranab Mukherjee, is the Plan Expenditure of Rs 3,25,149 crore and the Gross Budgetary Support of Rs 2,39,840 crore for the Central Plan, he said.

"It is hoped that this, together with other measures announced by the finance minister, will give a boost to the economy," he said congratulating Mukherjee.

Indian economy grew at a slow pace of 6.7 per cent in 2008-09 against a growth rate of nine per cent in the preceding few years. This year also, the growth is estimated to be close to the last year's amid global slowdown.